Bitcoin (BTC) made a significant breakout, rising over 12%. Accordingly, it quickly reached $35,000. Market analysts are making comments focused on the halving that will take place in mid-2024. Accordingly, it is expected that the rally will continue until then.
The majority of Bitcoin owners are in profit
On-chain data reveals that around 80% of Bitcoin holders are currently in profit as BTC effortlessly surpasses the $30,000 threshold. This level of profitability is unseen since the peak of the 2021 crypto bull market. However, it also indicates that the risks of making a profit have increased.
Moreover, the on-chain data from IntoTheBlock is remarkable. It shows that there is no significant on-chain resistance level in sight as Bitcoin approaches $40,000. In case of a pullback, the $30,000 level is likely to serve as a solid support. Another interesting trend is the 27% increase in the amount of BTC held by short-term holders last month. This is typical during bullish phases. Additionally, short-term traders and newcomers are actively accumulating Bitcoin as its value continues to rise.
Bitcoin’s major support and resistance levels
Bitcoin has established solid support in the $25,000 to $30,000 price range. According to the UTXO Realized Price Distribution (URPD) model, the next major resistance levels for BTC are predicted to be $38,440 and $47,360.
It should be noted that some Bitcoin critics see this as a FOMO (Fear of Missing Out) rally driven by retail investors. Additionally, this could potentially lead to significant price corrections in the future. History indicates that Bitcoin has experienced extensive swings of over 200% in past bear market cycles. It also shows that it has finally fallen to new lows.
Altcoins are joining the party
The cryptocurrency market is currently in euphoria as altcoins join Bitcoin BTC’s rally. This collective situation was also reflected in the value of the entire crypto market. Accordingly, it increased by 7.5% and brought investors over 150 billion dollars.
As Bitcoin rose above $35,000, leading altcoins such as Ethereum (ETH) showed bullish signs. Accordingly, ETH exceeded the $ 1,800 level with an increase of 8%. Now targeting $2,000. Ethereum’s year-to-date gains have exceeded 50%.
Cardano and Dogecoin made big moves
Among the top ten cryptocurrencies, Cardano (ADA) and Dogecoin (DOGE) followed Ethereum’s rise closely. Accordingly, each of them gained 8% in value. When we look at Kriptokoin.com, Binance Coin (BNB) and Ripple XRP gained 4% in value. In contrast, star player Solana appears to be consolidating after recording a 30% weekly gain.
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